Many have researched the infamous money / happiness connection over the years. Certainly if you are struggling to afford the basic necessities in life then more money will substantially improve your situation, but many reports have found that above a certain income, more money doesn’t necessarily deliver more enjoyment in life.
In fact, recent studies have found that our pay packets have far less impact on our overall happiness than simply feeling in control of our finances and well-prepared for our future. To achieve this, Beacon IFA recommend looking at the four following dimensions:
Having the financial freedom to enjoy life : Happiness in retirement can mean anything from travelling the world to helping children or grandchildren with with big purchases. However, often we have money tied up in our homes. Lifetime mortgages are one solution, releasing equity for you to use as you wish.
Financial control can clearly mean many different things to different people. To find out how you can personally gain greater control, Beacon IFA are offering free financial reviews to readers throughout October, covering mortgages, pensions, investments and more.